Limitations Periods Under The Securities Act – The Horror Continues

Kaynes v. BP, P.L.C., 2017 ONSC 5172 (Kaynes) is the latest edition of a line of class actions that have faltered for violating the statutory limitations period under s.138.14 of the Securities Act, R.S.O. 1990, c. S.5. (the "Act")1

Despite its protracted procedural history, the facts in Kaynes are not complicated. The plaintiff, an Ontario resident, purchased the defendant BP's shares. In doing so, he alleged to have relied upon statements made in the defendant's core and other documents about its ability to respond to an oil spill in the Gulf of Mexico. In 2010, BP's oil rig in the gulf exploded, resulting in class actions across Canada and the US.

After a failed class action in Alberta, the plaintiff commenced a proposed action in Ontario pleading 14 alleged misrepresentations...